ISSUE 1
I just don’t know enough about their finances
They have always managed their own finances and 15 years ago the idea of being involved in any capacity may not have even occurred to you. But times change and it’s important to respond. We can guide you to ask all the important questions, like knowing where key documents and passwords are kept. Reviewing power of attorneys and checking wills are valid, up-to-date and reflect current legislation are also important tasks. We can undertake a full quality review of pensions, investments and cash as well as cashflow planning to be sure they have enough to see them through.
ISSUE 2
What if they need long term care?
We want loved ones to be well looked after but care costs can spiral. We help you explore the options that might be right for you. This may mean comparing the financial pros and cons of parents living with you, assisted living in their own home or residential care options. We can provide crucial advice which balances the practicality of paying for quality care with protecting the family's hard earned assets. Specialist solutions such as immediate needs annuities can help to preserve the family assets.
ISSUE 3
Maximising the transfer of wealth down the generations
There are lots of options available as part of a wealth transfer strategy. A combination of different options is likely to strike the right balance between the here and now and the longer term. We guide you to come up with the best strategy for you and your family.
ISSUE 4
How do we minimise Inheritance Tax
Inheritance Tax and other costs can significantly impact the financial legacy your loved ones leave. It can be a sensitive issue but must be given due consideration. We develop a strategy to minimise a tax liability and maximise what passes to you and future generations. This could include setting up trusts, utilising Business Relief or using a life cover policy to foot the tax bill. The earlier a tax planning strategy is implemented, the more effective it is likely to be.
ISSUE 5
How do we juggle all the arrangements
There can be an awful lot to juggle. Money matters, day to day logistics, health and wellbeing. By guiding potentially challenging conversations between family members, we work out who's going to take responsibility for different aspects of your parents affairs. We formulate a strategy and facilitate the set up of the financial arrangements, such as Lasting Power of Attorney and trusts, freeing you up to do the important stuff that only you can do.
